Setting up a process – pre-work (contd…) – Risk

You need to identify potentional risks for your engagement. These could stem from a multiple set of factors. We have been talking of technology in our previous post. So, let’s start with that at the outset.

Technology

Connectivity issues

System performance issues

Building a secure connection channel

Data security

Environment security

Disaster recovery and Business Continuity

Access set up

Proper definition of the to-be applications

Next important thing to address is people, both at your end and at the outsourcing organization’s end.

People

Loss of key personnel & succession planning

Retention of knowledge

Recruiting a new team

Delay in getting right resources

Change Management

Insufficient start up training

Non-availability of subject matter experts

Non-retention of a few key functional resources to support and review work

Ambiguity on new process for retained staff

The next important piece is communication and how is the engagement managed.

Engagement Management

Communication insufficiency

Hidden components like, additional license costs

Change in key assumptions for the engagement

Project sponsors and stakeholders not fully engaged

Insufficient planning

Missing progress reviews

Then of course the function or the process.

Process and Controls

Improper definition of the to-be process

Non-readiness of applications required for outsourcing

Access controls not set up or delayed

Missing process flows

Training – in the process and for exceptions

Communication paths and escalation matrices

Controls or compliance impact

Undefined / incorrectly defined service levels

Now, for each of these there has to be an impact analysis and a mitigation plan if one or more risks do materialize.

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